Full Text of Budget 15 16 FY .pdf

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Bangladesh Marches towards Prosperity
Paving the Way for Higher Growth

Budget Speech 2015-16

Abul Maal Abdul Muhith
Minister
Ministry of Finance

Government of the People’s Republic of Bangladesh

21 Jaisthya 1422
4 June 2015

Table of Contents
Subject

Page

Chapter I
Introduction and Background
Introduction and Background, Stepping into the 7th Five
Year Plan from the 6th, Poverty Alleviation-Determinant of
Our Progress

1-5

Chapter II
A Step further towards Prosperity
Implementation Progress of Important Commitments
Economic Advancement- International Recognition of
Economic Progress, Employment and Wages, Power and
Energy, Communication Infrastructure; Development in
Social Sector- Agriculture and Food Safety, Social
Protection, Women and Children Development, Education,
Health, Digital Bangladesh, Graduation from Least
Developed Country Status

6-13

Chapter III
Budget Adjustments and Amendments for FY 2014-15
Revised Revenue Income, Revised Expenditure, Revised
Budget Deficit

14-15

Chapter IV
Macro-economic Scenario in the Global Context
Global and Asian Economic Trend, Domestic Economic
Scenario- GDP Growth and Investment, Inflation, Money,
Credit, and Interest Rate, Import and Export, Remittance
Income, Foreign Exchange Reserve and Exchange Rate

i

16-19

Subject

Page

Chapter V
Growth and Inflation Target and Proposed
Budget Framework for FY 2015-16
Growth and Inflation Targets and Assumptions for FY
2015-16, Budget Framework for FY 2015-16, Overall
Expenditure Framework

20-24

Chapter VI
Paving the Way for Higher Growth
Overall Growth Target and Strategy, Investment Target,
Public Investment Priorities, Implementation of ADP, Fast
Track Projects, Public-Private Partnership, Economic
Zone, Removal of Private Sector Investment Impediments,
Skill Development, Female Participation in Economic
Activities, Improving Total Factor Productivity, Expansion
of Overseas Markets, Rural Economy, Macroeconomic
Management Strategy

25-33

Chapter VII
March towards Future
Sector-wise Work Plan and Resource Allocation
Human Resource Development
Education: Primary Education, Expansion of Quality
Eduction, Quality Improvement of Technical Education,
Application of Information Technology in Education and
Expansion of Higher Education

34-36

Health and Family Welfare: Community Clinic,
Expansion of Telemedicine Service, Maternal Health
Voucher Scheme, Modernization of Public Health System

36

ii

Subject

Page

Science and Technology: Expansion of Science-based
Education

37

Physical Infrastructure
Power and Energy: Power-Coal-based Power Generation,
Nuclear Power Plant, Power Import under Sub-Regional
Cooperation, Renewable Energy, Transmission Line,
Expansion of Energy Production Capacity and Import of
LNG, Natural Gas and its use, Power and Energy Saving

37-40

Physical Infrastructure: Development and Expansion of
Roads and Bridges, Development and Maintenance of
Existing Roads, Improvement of Passenger Service
Standard, Development of Railways, The Padma Bridge,
Easing Traffic Congestion, Development of Port and Water
Transportation, Development and Expansion of Airports

40-43

Water Resources: Expansion of Irrigation Facility, Flood
Control and Protection of River Erosion, Integrated Water
Management of the Ganges Basin and Coastal Area
Management, Rehabilitation of Landless People of the
Char Region

43-44

People’s Welfare: Food Security, Social Safety,
Integrated Micro-Credit Programme, Improving the State
of Disadvantaged People including the Disabled, Women
in Development, Protection of Children Rights, Child
Budget, Welfare of Freedom Fighters and Preservation of
Spirit of Liberation War, Manpower Export and Welfare of
Expatriate Workers, Issuance of MRP, Improvement of
Work Environment

Digital Bangladesh: Digital Infrastructure Development,
Internet Services

iii

44-49

49-50

Subject

Page

Agriculture and Rural Development: Agricultural
Development, Agricultural Research, Development of
Fisheries and Livestock, Rural Development for Poverty
Alleviation, Rural Township
Trade and Industrialization: Expansion of Industrial
Sector, Development of Small and Medium Enterprises,
Expansion of Tourism Industry, Restoring the Glory of
Jute Industry, Expansion of Trade, Border Haat

Regional and Sub-Regional Cooperation
Climate Change and Environment: Afforestation and
Preservation of Bio-diversity, Eco-tourism, Encouraging
Environment-friendly Activities, Jute Products for
Environmental Protection, Combating Disaster
Housing and Planned Urbanisation: Integrated
Development Plan for Urbanisation, Beautification of
Dhaka City, Extension of Housing Facilities, House
Building Loans

50-52

52-54
55
56-57

57-58

Information, Culture, Religious Affairs and Sports:
Right to Information, Religious Affairs, Culture, Youth
and Sports

Public Order and Security

58-60
60

Chapter VIII
Reforms and Good Governance
Public Expenditure Management, Reforms in Project
Preparation, Monitoring and Evaluation, Online Public
Procurement, Improvement of Statistics and Informatics,
Financial Sector Reforms, Business Environment, Land
Management, Survey and Record Keeping, Public
Administration, New Pay Scale for Government
Employees, Shammridhi Shopan Bank, Pension Fund,
Rule of Law, Strengthening Local Government System

iv

61-68

Subject

Page

Chapter IX
Reforms in Revenue Administration
and New Proposals
Direct Tax- Income Tax: Tax Rate, Minimum Tax,
Surcharge, Tax Rate on Cigarette Business, Tax Rate on
Co-operative Society, Tax on Poultry, Poultry feed, Cattle
Farm, Shrimp and Fish Hatchery etc., Foreigners in Trade
and Commerce, Incentive for New Industrial Undertaking,
Ensuring Parity of Tax on Salary Income, Incentive for
Wage Earners, Development of Bond Market, Expansion
of the Scope of Tax Deduction at Source (TDS), Universal
Income Year, Vision
Value Added Tax (VAT) and Supplementary duty: New
Value Added Tax and Supplementary Duty Act 2012,
Imposition of VAT, VAT Exemption, Imposition of VAT,
Increase of VAT Rate and Expansion of VAT Net
Customs Duties and Taxes: Rearrangement of Duty
Slabs, Reform and Modernization

69-80

80-89

89-94

Chapter X
Conclusion
Conclusion
Annex A
Annex B

95-96
97-111
112-135

v

In the name of Allah, Most Gracious, Most Merciful

Bangladesh Marches towards Prosperity
Paving the Way for Higher Growth
Madam Speaker
1.
I seek your kind permission to place before this august House
the supplementary budget of FY 2014-15 and the proposed budget of
FY 2015-16.

Chapter I

Introduction and Background
2.
At the very outset, I remember with deep respect the greatest
Bengalee of all times, the Father of the Nation Bangabandhu Sheikh
Mujibur Rahman. I pay tribute to the four national leaders, the great
comrades of Bangabandhu. I also recall those valiant martyrs who
made supreme sacrifices in the language movement of 1952, the mass
upsurge of 1969 and the glorious war of independence of 1971 to make
us a proud nation. With a bleeding heart, I remember all the martyrs
including the innocent family members of Bangabandhu who fell
victim to the brutal killing spree in the ominous night of 1975. I
remember with a heavy heart those who succumbed to the mindless
atrocities of the communal forces opposing war crime trial and the evil
politics of the BNP-led alliance. I deeply sympathize with families of
those martyrs and those who are languishing in burn units of different
hospitals. In our relentless efforts to a build a prosperous Bangladesh,
their unique sacrifice will remain a source of inspiration for generations
to come.

1

Madam Speaker
3.
You know, we placed the first budget of this tenure for FY
2014-15 with the goal of unlocking the endless potentials of
Bangladesh. In the first half of the fiscal year, progress towards
achieving more than 7 percent growth exceeded our expectations. But,
it suffered a setback when the BNP-led alliance, with an
unconstitutional demand, started a country wide rampage of violence
from January this year. Strikes, blockades and petrol bomb attacks
brought havoc to the lives of men, women and children. More than 100
people were burnt.The SSC examinees were not spared from their
atrocities, they could not sit fora single examination on schedule. Their
most recent act of recalcitrance was, after joining the polls with much
fanfare, the sudden declaration of boycotting the Dhaka North, Dhaka
South and Chittagong City Corporations elections sensing defeat.
However, the good news is that a number of their nominated
candidates, showing the spirit of sportsmanship, continued in the race
till the end of the polls by ignoring the call for boycott. At the same
time, economic activities did not lose momentum as people rejecting all
destructive schemes showed solidarity with our pro-people
development activities.In this backdrop, I appear before the nation to
present our second budget of this tenure.
4.
In order to make budget making process more participatory and
transparent, like previous years, I had a series of dialogues with the
honourable members of parliamentary standing committees, eminent
citizens, renowned economists, professionals, NGO leaders, journalists
and secretaries of all ministries and divisions. Our budget insights have
definitely been enriched by their valuable suggestions. I did my best to
reflect them in the proposed budget. The officials of the NBR, Finance
Division and other ministries/divisions have put in all-out efforts in the
preparation of the budget. I take this opportunity to congratulate them
for accomplishing this challenging and colossal task successfully.
Above all, I am grateful to Hon‟ble Prime Minister Sheikh Hasina for
2

reposing her unwavering trust in me and for her invaluable guidance
and advice in taking the budget process forward.
Stepping into the 7th Five Year Plan from the 6th
Madam Speaker
5.
You are aware that we formulated the „Perspective Plan (20102021)‟ in order to implement the „Vision 2021‟. This fiscal year is the
terminal year of the currentFive Year Plan (2011-15).During the 6th
plan tenure, we made remarkable progress in managing inflation,
foreign exchange rate, budget deficit, foreign exchange reserve, public
debt, and maintaining overall macroeconomic balance and stability.
Industry and agriculture sectors witnessed notable progress. Service
sector growth was almost at par with the GDP growth. In addition, our
achievements have been quite significant in the areas of power
generation and distribution, food production and food security, social
protection and inclusion, gender equality, climate risk mitigation,
disaster management, and regional cooperation. In reality, we have
made remarkable strides in realizing the dream of the vision. Now,
making further progress hinges on favourable political environment.
6.
I admit unreservedly that GDP growth during the 6thFive Year
Plan period was less than expected because of the sluggish global
economy, political impasse and violence andinvestment-deficit
inprivatesector. Tax modernization plan and public- private partnership
initiatives were introduced but we could not gather expected
momentum. On the other hand, although tax-GDP ratio improved, it
fell short of the target. In spite of the implementation of a number of
projects in the transport sector, complexities associated withland
acquisition have delayed the implementation of a few projects. The
export performance and market diversification remained lackluster.
Despite less than expected progress in certain areas,people are largely
satisfiedwith overall achievements.
3


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